Just because I was reading SEMI and had a George Gilder flashback, circa 1998…
Consumer to Industrial Data Explosion Hits Supply Chain
Humor aside, it got me looking at some optical networking companies and out popped Ciena’s chart(s).
The daily got some volume yesterday, which got my attention. Today it is trying to make it above a short-term resistance area, after having consolidated through June.
The weekly shows a pretty cool looking pattern.
The monthly shows a price point frustratingly close to a breakout but still below the breakout point.
MACD and RSI are positive in all 3 time frames and volume seems to want a breakout. Now the rest is up to the stock and the markets. If this breaks out it would set a target of 36.
If interested, take some caution if the daily fails the would-be breakout, or just wait it out and let the stock prove itself.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
